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Gas Liquids ‘Bloodbath’ Brings Shale Pain to Oil Market: Energy

The shale boom that sent natural-gas prices to a 10-year low is being felt for the first time in the oil markets.

Williams Partners LP joined Marathon Oil Corp. and Devon Energy Corp. yesterday in blaming a glut of propane and related products for lower profits in the second quarter. Spectra Energy Corp. and Apache Corp. followed suit today. Next week more companies are expected to show the effects of falling prices for so-called natural-gas liquids used in backyard barbecues and motor fuels as producer Chesapeake Energy Corp. and Targa Resources Partners LP, a pipeline and storage company whose trading symbol is NGLS, release earnings.